Getting Real Estate Referrals: 5 Numbers That Don’t Add Up
If you wanna increase your real estate business, getting real estate referrals might be a good way to do that. Right?
Here's five numbers that I came across when it comes to getting real estate referrals that don't add up.
If you get these five numbers figured out, getting referrals for your real estate business will get easier.
5 Numbers About Getting Real Estate Referrals
First number comes from 2019 NAR member profile report.
Typical realtor earns 13% of their business repeat clients and customers.
17% through referrals past clients and customers.
So 30% overall is what the average real estate agent is doing when it comes to repeat and referral business. Which isn't bad but check these numbers out.
These next numbers come from the profile of home buyers and sellers from NAR.
90% of buyers would use their agent again and recommend their agent.
What about sellers?
87% of sellers would recommend their real estate agent
73% would definitely recommend
14% would probably recommend
Now the next two numbers I think are really interesting and tell an even deeper story of what's going on or what could be going on.
67% of home sellers have recommended their real estate agent at least once since selling their home once.
But check this out, 26% of sellers have recommended their real estate agent four or more times since selling their home.
Four or more times.
That's a big deal!
That means if you want to do 12 more real estate transactions a year, you really only need three of these types of promoters and they would be the game-changer for you. Get those three promoters and you could end up getting more real estate referrals leading to 12 more real estate transactions a year.
But that's not exactly how it works. Is it?
That's where that disconnect from real estate agents only getting about 30% of their business for referrals.
I think it's about the big picture.
It's overalls the entire strategy. Not just about getting referrals strategy.
It's all the systems.
It's all the methods.
It's not just about getting the right script of asking for real estate referrals or asking more often.
In our real estate business and what we teach in ClientPath, there are 6 Key Drivers to a complete real estate business.
Do you have the 6 Key Drivers in your business?
It's everything.
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